$Tencent Holdings (00700) $The financial report was released. Judging from the superficial figures, the company's first-quarter revenue was 180.022 billion yuan (RMB, the same below), an increase of 13%, and the adjusted net profit was 61.329 billion, an increase of 22% year-on-year. Both data exceeded market expectations.In the past year, the market has paid great attention to Tencent's gross profit margin and capital expenditure. Tencent's efficient cost control ability has led to continuous improvement in the overall gross profit margin. However, with the high base effect and investment in AI, the gross profit margin will also begin to come under pressure in the second half of 2024. In the latest first quarter of 2025, the company's gross profit